Johnson & Johnson announced Tuesday that it would buy heart pump maker Abiomed for $16.6 billion, as the company seeks to boost its cardiovascular business.

J&J Chief Executive Officer Joaquin Duato said in a statement that the deal would be an important step to expanding the company's medical technology business.

"We have committed to enhancing our position in MedTech by entering high-growth segments," Duato said. "The addition of Abiomed provides a strategic platform to advance breakthrough treatments in cardiovascular disease and helps more patients around the world while driving value for our shareholders."

Shares of Abiomed surged 50% in premarket trading after J&J offered payment of $380 per share.

Abiomed develops medical technology that provides circulatory and oxygenation support. J&J said Abiomed will operate as a standalone business within the conglomerate's medical technology division.

"We are pleased to have reached an agreement that reflects the remarkable value Abiomed created with our revolutionary Impella heart pump platform and promising pipeline," Michael R. Minogue, Abiomed's chairman, president and chief executive officer, said in a statement. "This transaction partners us with an organization that shares our patients-first mindset and creates immediate value for our patients, customers, employees and shareholders."

The transaction is expected to be completed prior to the end of the first quarter of 2023

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